CWI vs IXUS: Grades, Fees and Holdings Compared

State Street SPDR MSCI ACWI ex-US ETF

CWIBNYSE Arca

iShares Core MSCI Total International Stock ETF

IXUSANasdaq

Overlap

69.1%by weight

Expense ratio

IXUS −0.23pt a year

CWI0.30%IXUS0.07%

Avg volume · 30D

IXUS 7.2×the volume

CWI274KIXUS1.99M

10Y return · a year

CWI +0.2pt

CWI+9.4%IXUS+9.2%

CWI vs IXUS Performance

Nov 3, 2021 – Nov 3, 2026

+50.0%CWI+45.4%IXUS

Expense ratio: CWI 0.30%; IXUS 0.07%, better
Fund size: CWI $2.85B; IXUS $56.9B
1Y total return: CWI +12.9%; IXUS +13.0%, better
Yield (12M): CWI 2.79%; IXUS 3.04%, better
Holdings: CWI 1135; IXUS 4596
Avg volume (30D): CWI 274K sh; IXUS 1.99M sh, better
NAV per share: CWI $39.45; IXUS $92.26
52W range

ETF.net Grade

Pillar letters and Scores for CWI, IXUS, with each pillar’s weight
Pillar	CWI	IXUS
Cost30% weight	D34	A70Higher
Mission25% weight	A100	A100
Risk15% weight	B55	B55
Tradability15% weight	C48	A78Higher
Holdings10% weight	C44	A77Higher
Durability5% weight	C48	B67Higher

Rank among Total International Market funds

How we build Categories ›

Same Category. CWI and IXUS are both graded against the same 8 Total International Market funds, so their Grades compare head to head.

Total International Market⁠

Category · 8 funds

See all 8 ›

IXUS ranks 3rd and CWI 7th of 8 funds in the Total International Market Category.

Rank 1AVEUVanguard FTSE All-World ex-US ETFScore 79
Rank 1AVXUSVanguard Total International Stock ETFScore 79
Rank 3AIXUSiShares Core MSCI Total International Stock ETFScore 76
Rank 4BDFAXDimensional World ex U.S. Core Equity 2 ETFScore 64
Rank 6BGXUSGoldman Sachs MarketBeta Total International Equity ETFScore 58
Rank 7BCWIState Street SPDR MSCI ACWI ex-US ETFScore 57
SPWONot yet graded

Our read on each fund

ETF.net Research

CWIBState Street SPDR MSCI ACWI ex-US ETF

IXUSAiShares Core MSCI Total International Stock ETF

In short

CWI Everything outside America in one ticker. Since 2007, CWI has tracked the MSCI ACWI ex USA Index, folding developed and emerging markets into roughly 1,100 stocks, at a price below the typical index tracker in its group.

IXUS One ticker for the stock market outside the US: developed and emerging, mega caps down to small caps, roughly 4,300 stocks, for 0.07% a year. The whole rest of the world in a single line item.

Stated mandate

CWI The fund seeks to track, before fees and expenses, the total return performance of the MSCI ACWI ex USA Index while providing access to developed and emerging-market countries outside the United States.

IXUS The Fund seeks to track an index of large-, mid-, and small-capitalization non-U.S. equities. It uses an indexing approach and generally invests at least 80% of assets in the Underlying Index’s component securities or substantially identical investments.

Why people hold it

CWI Europe, Japan and emerging markets arrive in a single trade. No bolting an EM fund onto a developed-markets one to cover the map.ssga.com
0.30% a year, against a 0.45% median for its index-tracking peer group.
It hugs the MSCI ACWI ex USA Index closely, one of the tighter tracking records in its peer group.
Live since 2007 with a multi-billion-dollar asset base behind it, run by State Street's SPDR desk.

IXUS Seven basis points a year (0.07%), against a peer-group median near 0.28%. Global diversification priced close to a rounding error.
Tracks the MSCI ACWI ex USA IMI: non-US developed and emerging markets, large, mid and small caps, roughly 4,300 stocks, with at least 80% of assets in index components.ishares.com
Running since 2012, a multi-billion-dollar fund that trades actively, and one of the strongest implementations in its peer group.

Worth knowing

CWI Cheap for its cohort, not at the floor. VT charges 0.06% for a whole-world portfolio, though that one keeps US stocks in the mix.
Emerging markets ride in the same wrapper as Europe and Japan. That exposure comes as part of the package, with no dial to turn it down.ssga.com
Distributions land once or twice a year, so income shows up in lumps rather than a monthly drip.

IXUS Cheaper tickets exist in the aisle: VEU charges 0.04%. It follows a FTSE index rather than MSCI, so the holdings are not the same basket.
Small caps and emerging markets ride rougher than developed large caps, and everything inside is priced in foreign currencies.
Distributions land annually or semiannually rather than quarterly, so income shows up in lumps.

Full CWI profile⁠

Full IXUS profile⁠

CWI vs IXUS Holdings

How CWI and IXUS differ

Overlap by weight

69.1%

Shared holdings make up 89.3% of CWI and 73.1% of IXUS.

Level by level

Holdings985 in both69.1%
Sector14 Sectors91.1%
Countryby domicile91.8%
Asset classEquity100%

Sector

Sector weights in CWI and IXUS, widest gap first
Sector	Gap	CWI	IXUS
Industrials	IXUS +3.4 points	11.2%	14.6%
Technology	CWI +2.9 points	23.0%	20.1%
Energy	CWI +2.5 points	7.6%	5.1%
Financials	CWI +2.4 points	25.5%	23.1%
Consumer Staples	IXUS +1.5 points	3.7%	5.2%
Materials	IXUS +1.4 points	6.0%	7.4%
Utilities	IXUS +1.4 points	1.7%	3.1%
Health Care	CWI +0.9 points	8.1%	7.2%
Real Estate	IXUS +0.9 points	1.2%	2.1%
Consumer Discretionary	IXUS +0.3 points	7.6%	7.9%
Communication	CWI +0.2 points	4.3%	4.1%
Corporate	Same weight	0.0%	0.0%
Government	Same weight	0.0%	0.0%
Securitized	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in CWI and IXUS, widest gap first
Country	Gap	CWI	IXUS
Japan	IXUS +2.0 points	15.1%	17.1%
South Africa	CWI +1.2 points	1.2%	0.0%
Taiwan	IXUS +1.2 points	8.8%	10.0%
United States	CWI +1.2 points	1.2%	0.0%
India	IXUS +1.0 points	3.4%	4.4%
China	IXUS +1.0 points	5.3%	6.3%
United Kingdom	IXUS +0.8 points	8.7%	9.5%
Mexico	CWI +0.6 points	0.6%	0.0%
Other countries (30)	CWI +2.8 points	55.6%	52.8%

Outside the US: CWI 71% developed, 29% emerging. IXUS 71% developed, 29% emerging.

Concentration

Weight in the 10 largest Holdings

CWI15.0%
IXUS13.6%

Securities held

CWI1,101
IXUS4,560

Asset class

CWI: Equity
IXUS: Equity

Holdings

Only in CWI116
In both985
Only in IXUS3,575

Only in CWI

116 securities, 9.7% of CWI by weight

Samsung Electr Gdr Reg’s2.32%
Taiwan Semiconductor Sp Adr1.72%
Hon Hai Precision Gdr Reg’s0.29%
Samsung Electronics Pref0.29%
Reliance Inds Spons Gdr 144A0.25%
Dhl AG0.22%
Petroleo Brasil Sp Pref Adr0.21%
Icici Bank Ltd Spon Adr0.20%
Generali0.18%
United Microelectron Sp Adr0.15%
Itau Unibanco H Spon Prf Adr0.15%
Infosys Ltd Sp Adr0.13%
Samsung Electro Mechanics Co0.12%
Grupo Mexico Sab De Cv Ser B0.12%
Swedbank Ab A Shares0.12%
America Movil Sab De C Ser B0.11%
Grupo Financiero Banorte O0.11%
Vale SA Sp Adr0.11%
Chunghwa Telecom Lt Spon Adr0.10%
Hyundai Motor Co0.10%
Fomento Economico Mexica Ubd0.10%
Teck Resources Ltd Cls B0.10%
Swiss Life Holding AG Reg0.09%
Intercontinental Hotels Grou0.09%
Russian Ruble0.08%
Cemex Sab Cpo0.08%
Mahindra & Mahindra Spon Gdr0.07%
Michelin (Cgde)0.07%
Delta Electronics Thai Forgn0.07%
Rogers Communications Inc B0.07%
Securitas Ab B Shs0.07%
Canadian Tire Corp Class A0.06%
Upm Kymmene Oyj0.06%
Dr. Reddy’s Laboratories Adr0.06%
First Abu Dhabi Bank Pjsc0.06%
Ptt Pcl/Foreign0.06%
Banco Bradesco Adr0.06%
Samsung Fire & Marine Ins0.06%
Samsung Sdi Co Ltd0.06%
Sk Inc0.05%
Lg Electronics Inc0.05%
Ambev SA Adr0.05%
Emirates Telecom Group Co0.05%
Samsung C+t Corp0.05%
Posco Holdings Inc Spon Adr0.05%
Hennes & Mauritz Ab B Shs0.05%
Sun Pharmaceutical Indus0.05%
Adani Ports and Special Econ0.04%
Aldar Properties Pjsc0.04%
Tenaga Nasional Bhd0.04%

Only in IXUS

3,575 securities, 26.5% of IXUS by weight

Samsung Electronics Ltd1.91%
Samsung Electronics Non Voting Pre0.25%
Hon Hai Precision Industry0.22%
Icici Bank0.19%
Reliance Industries Ltd0.17%
Dhl AG0.15%
Samsung Electro Mechanics Ltd0.12%
Petroleo Brasileiro Pref SA0.11%
United Micro Electronics Corp0.09%
Itau Unibanco Holding Pref SA0.09%
Infosys0.09%
Grupo Mexico B0.09%
Assicurazioni Generali0.08%
Swedbank0.08%
Swiss Life Holding AG0.08%
Teck Resources Subordinate Voting0.07%
Hyundai Motor0.07%
Abn Amro Bank NV0.07%
Gpo Finance Banorte0.07%
Mahindra and Mahindra Ltd0.06%
Samsung Sdi Ltd0.06%
Intercontinental Hotels Group PLC0.06%
Japan Post Holdings Ltd0.06%
Yuanta Financial Holding0.06%
National Bank of Kuwait0.06%
Coca Cola Europacific Partners PLC0.06%
Nn Group0.06%
First Abu Dhabi Bank0.06%
Michelin0.05%
Swisscom AG0.05%
Bper Banca0.05%
Fomento Economico Mexicano0.05%
Helvetia Baloise Holding N AG0.05%
Emirates Telecommunications Group0.05%
Bombardier Class B0.05%
Hannover Rueck0.05%
Samsung C&T Corp0.05%
America Movil B0.05%
Delta Electronics (Thailand) Non-V0.05%
Chunghwa Telecom Ltd0.04%
Whitecap Resources Inc0.04%
Sinopac Financial Holdings0.04%
Halma PLC0.04%
Sun Pharmaceutical Industries0.04%
Titan Company Ltd0.04%
Cemex Cpo0.04%
Mitsui Osk Lines Ltd0.04%
Great West Lifeco Inc0.04%
Samsung Life Ltd0.04%
Alfa Laval0.04%

Weight gaps

The 100 widest of 985 Holdings in both funds.

Holding weights in CWI and IXUS, widest gap first
Holding	Gap	CWI	IXUS
Taiwan Semiconductor Manufac	IXUS +1.27 points	3.06%	4.33%
Asml Holding NV	CWI +0.27 points	1.75%	1.48%
Sk Hynix Inc	CWI +0.24 points	1.66%	1.42%
Royal Bank of Canada	CWI +0.24 points	0.92%	0.68%
Toronto Dominion Bank	CWI +0.20 points	0.70%	0.50%
Dbs Group Holdings Ltd	CWI +0.18 points	0.47%	0.29%
Iberdrola SA	CWI +0.19 points	0.56%	0.37%
Atlas Copco Ab B Shs	CWI +0.18 points	0.24%	0.06%
Abb Ltd Reg	CWI +0.18 points	0.50%	0.32%
Hsbc Holdings PLCHSBA.L	CWI +0.16 points	0.88%	0.72%
Bank of Montreal	CWI +0.15 points	0.44%	0.29%
Roche Holding AG	CWI +0.16 points	0.99%	0.83%
United Overseas Bank Ltd	CWI +0.16 points	0.25%	0.09%
Siemens AG Reg	CWI +0.15 points	0.67%	0.52%
Allianz SE Reg	CWI +0.14 points	0.59%	0.45%
Sap SE	CWI +0.14 points	0.72%	0.58%
Suncor Energy Inc	CWI +0.14 points	0.36%	0.23%
Unicredit Spa	CWI +0.13 points	0.40%	0.27%
Banco Santander SA	CWI +0.13 points	0.52%	0.39%
Imperial Oil Ltd	CWI +0.13 points	0.18%	0.05%
Zurich Insurance Group AG	CWI +0.13 points	0.40%	0.27%
National Bank of Canada	CWI +0.12 points	0.26%	0.14%
Air Liquide SA	CWI +0.12 points	0.42%	0.30%
Singapore Exchange Ltd	CWI +0.12 points	0.15%	0.03%
Mitsubishi Ufj Financial Gro	CWI +0.12 points	0.68%	0.56%
Delta Electronics Inc	CWI +0.11 points	0.31%	0.20%
Commonwealth Bank of Austral	CWI +0.12 points	0.59%	0.47%
Canadian Natl Railway Co	CWI +0.11 points	0.26%	0.15%
Rolls Royce Holdings PLCRR.L	CWI +0.11 points	0.44%	0.33%
Bank Leumi Le Israel	CWI +0.11 points	0.19%	0.08%
Novartis AG Reg	CWI +0.11 points	0.83%	0.72%
Bank Hapoalim Bm	CWI +0.10 points	0.17%	0.07%
Ubs Group AG Reg	CWI +0.10 points	0.46%	0.36%
Banco Bilbao Vizcaya Argenta	CWI +0.10 points	0.42%	0.32%
Nestle SA Reg	CWI +0.10 points	0.74%	0.64%
Murata Manufacturing Co Ltd	CWI +0.10 points	0.26%	0.16%
Ing Groep NV	CWI +0.10 points	0.32%	0.22%
Astrazeneca PLCAZN.L	CWI +0.10 points	0.78%	0.68%
Canadian Natural Resources	CWI +0.10 points	0.38%	0.28%
Tencent Holdings Ltd	CWI +0.10 points	0.82%	0.72%
Vale SA	IXUS +0.10 points	<0.01%	0.10%
Schneider Electric SE	CWI +0.10 points	0.45%	0.35%
Tokyo Electron Ltd	CWI +0.09 points	0.42%	0.33%
Can Imperial Bk of Commerce	CWI +0.09 points	0.35%	0.26%
Bae Systems PLCBA.L	CWI +0.09 points	0.29%	0.20%
Standard Chartered PLCSTAN.L	CWI +0.09 points	0.21%	0.12%
Hitachi Ltd	CWI +0.08 points	0.43%	0.35%
Barclays PLCBARC.L	CWI +0.09 points	0.27%	0.18%
Orix Corp	CWI +0.08 points	0.18%	0.10%
Toyota Tsusho Corp	CWI +0.08 points	0.15%	0.07%
Aselsan Elektronik Sanayi	CWI +0.08 points	0.10%	0.02%
Mitsui & Co Ltd	CWI +0.08 points	0.26%	0.18%
Toyota Motor Corp	CWI +0.08 points	0.53%	0.45%
Acs Actividades Cons Y Serv	CWI +0.09 points	0.13%	0.04%
Bank of Nova Scotia	CWI +0.08 points	0.36%	0.28%
Shell PLCSHEL.L	CWI +0.09 points	0.84%	0.75%
Muenchener Rueckver AG Reg	CWI +0.09 points	0.28%	0.19%
Erste Group Bank AG	CWI +0.08 points	0.17%	0.09%
Totalenergies SE	CWI +0.08 points	0.53%	0.45%
Marubeni Corp	CWI +0.08 points	0.18%	0.10%
Itochu Corp	CWI +0.08 points	0.28%	0.20%
Macquarie Group Ltd	CWI +0.08 points	0.24%	0.16%
Assa Abloy Ab B	CWI +0.07 points	0.17%	0.10%
Loblaw Companies Ltd	CWI +0.07 points	0.14%	0.07%
National Grid PLCNG.L	CWI +0.08 points	0.28%	0.20%
Kyocera Corp	CWI +0.08 points	0.14%	0.06%
Mitsubishi Corp	CWI +0.07 points	0.30%	0.23%
Equinor Asa	CWI +0.07 points	0.15%	0.08%
Industria De Diseno Textil	CWI +0.08 points	0.24%	0.16%
Obayashi Corp	CWI +0.07 points	0.10%	0.03%
Compass Group PLCCPG.L	CWI +0.07 points	0.21%	0.14%
Sun Life Financial Inc	CWI +0.07 points	0.18%	0.11%
Geberit AG Reg	CWI +0.07 points	0.13%	0.06%
Manulife Financial Corp	CWI +0.07 points	0.25%	0.18%
Bp PLCBP.L	CWI +0.07 points	0.39%	0.32%
Swiss Re AG	CWI +0.07 points	0.20%	0.13%
Brookfield Corp	CWI +0.07 points	0.26%	0.19%
Bhp Group Ltd	CWI +0.07 points	0.57%	0.50%
Next PLCNXT.L	CWI +0.07 points	0.13%	0.06%
Mitsubishi Electric Corp	CWI +0.07 points	0.20%	0.13%
Westpac Banking Corp	CWI +0.06 points	0.28%	0.22%
Advantest Corp	CWI +0.07 points	0.46%	0.39%
Deutsche Boerse AG	CWI +0.07 points	0.23%	0.16%
Vinci SA	CWI +0.06 points	0.20%	0.14%
Tokio Marine Holdings Inc	CWI +0.06 points	0.30%	0.24%
L Oreal	CWI +0.06 points	0.34%	0.28%
Alibaba Group Holding Ltd	CWI +0.07 points	0.57%	0.50%
Ap Moller Maersk A/S B	CWI +0.06 points	0.09%	0.03%
Repsol SA	CWI +0.07 points	0.16%	0.09%
Eni Spa	CWI +0.07 points	0.20%	0.13%
British American Tobacco PLCBATS.L	CWI +0.06 points	0.36%	0.30%
Sse PLCSSE.L	CWI +0.06 points	0.16%	0.10%
Ms+ad Insurance Group Holdin	CWI +0.06 points	0.16%	0.10%
Sage Group Plc/TheSGE.L	CWI +0.06 points	0.10%	0.04%
Cie Financiere Richemo A Reg	CWI +0.07 points	0.33%	0.26%
Otp Bank PLC	CWI +0.06 points	0.13%	0.07%
Brambles Ltd	CWI +0.06 points	0.11%	0.05%
Mitsubishi Estate Co Ltd	CWI +0.06 points	0.12%	0.06%
Unilever PLCULVR.L	CWI +0.06 points	0.40%	0.34%
Tdk Corp	CWI +0.06 points	0.13%	0.07%

All 1,094 CWI holdings⁠All 4,582 IXUS holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CWI vs IXUS Cost

Overpaying CWI vs IXUS

$4,669

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CWI 0.30%
$6,149
IXUS 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

CWI 0.30%
IXUS 0.07%
Overpaying

Year by year

Year	CWI	IXUS	Overpaying
10	$545	$128	$417
20	$2,113	$503	$1,610
30	$6,149	$1,480	$4,669

Expense ratio

0.30%CWI
0.07%IXUS, cheaper

IXUS0.07%CWI0.30%

0.04%0.55%

Middle half of Total International Market funds
Median 0.23%

IXUS 3rd cheapest of 8 funds

CWI 6th cheapest of 8 funds

CWI vs IXUS Dividends

Last 12 months to Nov 3, 2026

Yield (12M): CWI 2.79%; IXUS 3.04%, better
Payout (12M): CWI $1.09; IXUS $2.80
Last payment: CWI $0.47; IXUS $1.23
Ex-dividend: CWI Jun 1, 2026; IXUS Jun 15, 2026
Paid on: CWI Jun 5, 2026; IXUS Jun 18, 2026
Frequency: CWI Twice a year; IXUS Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

CWITwice a year · 19 paymentsAll CWI payments⁠

IXUSTwice a year · 20 paymentsAll IXUS payments⁠

CWI vs IXUS Risk

Fall from peak · 5 years

CWI
IXUS

Risk facts

VolatilityStd dev, 3 years: CWI 11.8%, betterIXUS 11.9%
Return per unit of riskSharpe ratio, 3 years: CWI 1.31, betterIXUS 1.28
Worst fallMax drawdown, 5 years: CWI −28.4%, betterIXUS −29.4%
Market sensitivityBeta, 5 years: CWI 0.97IXUS 0.92; Market = 1

CWI and IXUS in the news

All news⁠

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Avantis Investors' Avantis U.S. Core Equity ETF AVUC overlaps a fund it already runs
Oct 16, 2026IXUS
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Avantis lists an international stock ETF with Vanguard on top
Oct 5, 2026IXUS
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Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026IXUS

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CWI vs IXUS

In short

Stated mandate

Why people hold it